Once a leading name in China’s AI sector, SenseTime has struggled to keep pace with competitors during the generative AI boom. Its shares have dropped 61% since its initial listing three years ago. The company aims to make generative AI its primary driver of growth, profitability, and financial stability, according to a filing with the Hong Kong Stock Exchange.
The restructuring follows a steep decline in SenseTime's computer vision segment, with "traditional AI" revenues falling 50.6% in the first half of this year. Founded a decade ago, SenseTime has yet to achieve profitability.
In early 2023, the company introduced its large language model, SenseNova, claiming performance on par with OpenAI's latest GPT iteration.
SenseTime was added to the U.S. export controls list in 2021 over allegations that its facial-recognition software was used to suppress Uyghur Muslims—an accusation the company denied, asserting its compliance with laws.
The restructuring establishes multiple business units, each led by its own CEO, including divisions focused on smart automotive, domestic robotics, smart healthcare, and smart retail, according to the filing.